Late last week a test of the 20 day MA was projected, which is now occurring; the 1172-1173 level that is also critical horizontal support. The failure of the 1178-1181 support zone on Friday opened the door to 1171-1173. The blue circles show the importance of the 20 day MA. If 1171 fails on Tuesday, then the door opens to explore lower support at 1168, 1166, 1162, 1159, 1158, and key support at 1155.
As mentioned previously for this chart, note the Fibonacci smack down from the 50% Fib; that is why the Fib's have to be constantly monitored. Also note the long and strong profile for all the indicators (green lines), thus, this market weakness currently would be expected to be short-lived. The markets remain at the mercy of the Euro news, however, so you have to stay on your toes since bad news can quickly flush the indexes. Projection currently is for 1155-1171 support zone to hold and for the SPX to move back up above 1200 (time frame of days, a week or two). Overall, however, for the intermediate and longer term, the broad markets have fallen into a secular bear market now so expect lower equites in the weeks and months ahead.
For SPX chart use search box above for keystone speculator or view at stockcharts public charts list under keystone speculator.